When a sensor like this allows a range of power supply voltages it's not because one voltage is "better" than another. It's purely to allow it to work with a wider range of controllers.
The voltage you would use it with is more dictated by what it is you are using it with. If you are using it with a 5V microcontroller, such as the Arduino Uno then you would run the sensor at 5V, since that is the logic levels your MCU will be working at. If you are using it with a 3.3V microcontroller, such as a Teensy, Due, or chipKIT board, then you would run the sensor at 3.3V to maintain the right logic levels for the board you are using.
By running both the MCU and the sensor at the same voltage you remove the need for any logic level translation between the two.